NORWOOD, Mass. – MariMed, Inc (CSE: MRMD), (OTCQX: MRMD), , a multi-state cannabis operator focused on improving lives every day, today announced an agreement that will bring the Company’s award-winning portfolio of cannabis-infused edibles to Missouri. As part of the agreement, MariMed will develop and manage a state-of-the-art production kitchen. MariMed anticipates completion of the facility in the first quarter of 2023 with wholesale sales to commence thereafter.
“I am delighted to announce our management contract in the state of Missouri that will facilitate the distribution of our products in this emerging cannabis market,” said Bob Fireman, Chief Executive Officer of MariMed. “Expanding our operations to increase distribution of our award-winning brands aligns with our strategic growth plan and delivers on another shareholder commitment. We, as well as the polls, expect voters to approve adult-use sales on the ballot initiative this fall, which we believe will catapult Missouri to become a leading cannabis market in the U.S.”
MariMed intends to manufacture and distribute a select variety of its brands and products throughout Missouri, including its Betty’s Eddies fruit chews, a top-selling edible in every state where it is sold, its Bubby’s Baked soft and chewy baked edibles, and its Vibations: High + Energy powder drink mixes.
According to the Missouri Department of Health and Senior Services (DHSS), the medical marijuana program began sales in October 2020 and reported $210 million in medical cannabis sales in 2021, which was the first full year of cannabis sales. Based on the most recent reporting by the DHSS, Missouri’s medical cannabis program is trending to become a $400 million annualized sales rate. With a population of more than six million, Missouri’s medical cannabis program has approximately 200 operational dispensaries, and more than 160,000 registered medical cannabis patients, and is on track to generate more than $400 million in medical cannabis sales in 2023. Missouri voters are expected to approve adult-use sales through a ballot initiative this November.
(This information is primarily sourced from MariMed Inc. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).